SECTION 6-15 What is not assessable income
If an amount is exempt income, there are other consequences besides it being exempt from income tax. For example:
S 6-15(2) amended by No 66 of 2003.
You cannot deduct as a general deduction a loss or outgoing incurred in deriving an amount of non-assessable non-exempt income (see Division 8).
Capital gains and losses on assets used to produce some types of non-assessable non-exempt income are disregarded (see section 118-12).
S 6-15(3) inserted by No 66 of 2003.